Mr. Batnyam is 40 years old, lives with his wife and three daughters in Ulaanbaatar, the capital city of Mongolia. His elder two daughters attend a secondary school and the youngest one goes to kindergarten. His family lives in a one-bedroom flat which he bought recently.
Batnyam has been running a clothes retail business at Narantuul, the biggest outdoor market in the city, since 2003. Batnyam’s wife Myagmarsuren works with her husband at the market as a salesperson. They sell dresses and casual outerwear which they buy from wholesalers who imports the clothing from China. Even though the market is located outdoors, they work there all year around because the rent is cheaper than for indoor space.
Batnyam is planning to increase his inventory by buying more clothes for the summer season. The loan he is requesting will be used to buy more summer clothes to sell, increasing his working capital and profit.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.